Business leaders are being invited to attend an enlightening and informative Business Breakfast hosted by IoD Wales and Finance Wales. The event will discuss concerns and answer questions around the topic ‘Succession planning - putting your house in order.’

On Thursday, 3 November, a panel of leading local experts will host talks at Cardiff’s Park Plaza Hotel to emphasise the importance of planning for the sale of a business, as well as the need to identify and develop potential future leaders or senior managers.

Business owners considering their next strategic move or considering retirement may benefit from the event. Aspiring management teams may also pitch questions to the panel and hear first-hand from business owners who have been through the process.

The panel will discuss many of the aspects of selling or buying a business, and look at how to develop the management team or deal with the sensitivities of running a family business. Chris Griffiths from Finance Wales; Fiona McAllister from Beaufort Research; James Williams from Blake Morgan; Succession consultant Mervyn Ham and Seamus Gates from Broomfield & Alexander will discuss both short and long-term succession options as well as the implications of training and development activities on succession planning.

Chris Griffiths, Fund Manager of Finance Wales’ New Investments Team, said: “Succession is a vitally important consideration for business owners which rarely gets the attention it deserves. We are delighted to be teaming up with the IoD to provide practical insights for owner-managers to consider.

“It’s never too early to start thinking about succession. Proper planning allows business owners to expand their options, maximise value and ensure a smooth transition. This event will be useful to business owners and aspiring management teams alike. The quality of the panel will undoubtedly provide food for thought as we hear from advisers and owners who have first- hand experience of selling their business.

“Our advice to management teams and business owners is to get in touch as soon as possible. We can talk confidentially to companies about all their options.”

Robert Lloyd Griffiths, Director IoD Wales, who will be hosting the breakfast, added: “Wales benefits from a wide variety of exemplary and successful businesses, both large and small, and succession planning is vital to their continued success. I speak regularly with our members up and down Wales and succession planning is a much-discussed topic. Wales’ directors and business leaders are aware of its importance and are endeavouring to find the time to put comprehensive and seamless plans in place.”